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Qingdao Port and PetroChina form JV oil storage firm

03 Jul 2018

Port operator Qingdao Port International and Chinese oil company PetroChina Fuel Oil Friday entered into a joint venture (JV) agreement to establish Qingdao PetroChina Storage Company Limited.

The JV firm will be 51% owned by PetroChina, and 49% owned by Qingdao Port; it has a registered capital of RMB 300 million (USD $44.67 million).

The company will be involved in storage, stevedoring and transmission of oil products including crude oil, fuel oil, diluted asphalt and wax oil.

“The Port of Qingdao is one of the world’s top international comprehensive ports and is an important domestic import and export port and transit base of oil products. PetroChina Fuel Oil has the advantage of oil resources guarantee from PetroChina,” said Qingdao Port International in a statement.

“Through the cooperation between Qingdao Port International and PetroChina Fuel Oil in this project, both parties will leverage on their respective advantages and further improve the oil storage and transportation facilities in Dongjiakou Port Area, so as to further enhance the core competitiveness of the Port of Qingdao in respect of transportation of oil products.

“Such cooperation will provide more convenient facilities and more smooth channels to supply raw materials for petrochemical enterprises in Shandong Province.

“It will also provide a solid foundation and strong support for Qingdao Port International to provide the wide inland customers with high-quality and high-efficiency port logistic services and to strengthen its position in the oil resource markets.

“Thus, the cooperation will bring both economic and social benefits to both parties and achieve win-win development.”

Published: 3 July, 2018

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